Seoul shares open sharply lower, tracking US losses, amid inflation woes
Seoul shares opened sharply lower Friday, tracking losses on Wall Street, as the latest U.S. inflation data raised the possibility of the U.S. Federal Reserve raising interest rates to curb inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 231.42 points, or 3.29 percent, to 6,802.50 at the opening bell. Overnight, surging oil prices sparked a sell-off in U.S. stocks amid…
Seoul's stock market commenced trading on a markedly downbeat note on Friday, mirroring the declines observed in the United States, as fresh U.S. inflation figures sparked speculation of a potential rate increase from the Federal Reserve to rein in inflation. The KOSPI, a key index, plummeted 231.42 points, or 3.29%, to 6,802.50 at the opening auction.
Earlier, a surge in oil prices precipitated a sell-off in U.S. equities, fueled by mounting tensions in the Middle East. The Dow Jones Industrial Average slipped 0.6%, while the tech-focused Nasdaq Composite fell 0.65%. In August, the U.S. producer price index surged 0.4% from the prior month, outpacing the 0.1% increase seen in the previous period.
Investors are now eagerly anticipating Friday's consumer price report, which could provide insights into the Fed's future rate trajectory.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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